7 TIPS FOR BUYING LUXURY FORECLOSURES
- Find the Right Luxury Foreclosure Property
- Work With a Professional Real Estate Agent
- Know How Much Money You Need To Make the Home Livable
- Get A Home Appraisal
- Know Your Price Limit Before You Submit Your First Offer
- Save Enough Money to Make Necessary Repairs
- Be Patient…
1. Find the Right Luxury Foreclosure Property:
Have you heard the saying that all politics is local? Well all real estate is local too. In fact, when it comes to buying the right property, the old adage location, location, location is still the number one rule in real estate, especially when it comes to buying luxury foreclosure property.
You must understand the nuances of each city, community, neighborhood, even block you are considering buying in. You also need to know the condition of the home you are buying. Many short sale and bank owned homes have been badly stripped; they are often times missing sinks, toilets, appliances, lighting, electrical systems, you’d be surprised.
That’s why it’s a very bad idea to buy any home sight unseen – especially those sold on the auction steps where you have no opportunity to pre-inspect the home you are buying. At the same time, you’re being asked to fork over thousands of dollars in non-refundable earnest money…a very bad combination. So just say no deal to buying at foreclosure auctions!
